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Industrial-gas maker Air Products and Chemicals has reported a fiscal third-quarter income of $253.2 million, an increase from $113.2 million in the year-ago period, as the company's sales jumped 14%, to $2.25 billion. The company has been trying to acquire rival Airgas with a $5.3 billion bid, but Airgas' board on Wednesday unanimously rejected the offer. Air Products also revised the low end of its fiscal-year projection higher, as "new business and backlog" figure to help the company's fourth-quarter profit, this article notes.

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Airgas founder Peter McCausland said he intends to continue fighting a hostile takeover bid from rival Air Products & Chemicals. Air Products offered $60 per share for the company on Feb. 5, which sent shares up to $63.90. Air Products also filed a lawsuit last month against Airgas, alleging the Airgas board violated its fiduciary duty by refusing to discuss or consider the offer.

Air Products & Chemicals plans to ramp up its efforts in the battle to acquire Airgas. The Airgas board rejected an offer of $5 billion in cash, in addition to $1.9 billion in debt assumption. Now, Air Products plans to target Airgas shareholders directly with an offer of $60 per share.

Airgas Inc. posted net income of $72.8 million for its fiscal second quarter ending Sept. 30, a 44% jump from $50.6 million in the same period last year. The company's sales for the quarter grew by 15% to $1.2 billion. Radnor, Pa.-based Airgas distributes industrial, medical and specialty gases.

Boeing Co. has extended its contract with Airgas to supply safety and industrial hygiene products for two years. Based in Radnor, Pa., Airgas's primary area of business is the distribution of industrial, medical and specialty gases. The contract will generate $16.5 million in revenue in the first year.

Airgas has reported a 22% surge in its fiscal first-quarter sales, with profit rising 33% from the year-ago period. Contributing to the increase were acquisitions and organic growth across multiple product categories.